Quantcast

Latest Bank secrecy Stories

2010-11-18 16:38:00

ARLINGTON, Va., Nov. 18, 2010 /PRNewswire-USNewswire/ -- BNA Books, a division of specialized news and information publisher BNA, announced today the publication of Criminal Tax, Money Laundering, and Bank Secrecy Act Litigation by Peter D. Hardy. This treatise provides practitioners with expert analysis of the law and procedures relating to federal criminal cases handled by the IRS and DOJ, addressing the pragmatic and strategic challenges at every stage of litigation. (Logo:...

2009-07-08 10:56:06

The Swiss government said Wednesday it would step in to prevent its largest bank from turning over client names to U.S. tax authorities. The case came to light in February, when the U.S. Department of Justice filed suit against UBS for helping U.S. taxpayers conceal assets from the Internal Revenue Service. The bank paid a fine of $780 million and relinquished the names of about 250 U.S. clients. In March, the government agreed to comply with the Organization for Economic Cooperation and...

2009-07-08 09:57:33

A new U.S.-Swiss treaty on bank secrecy may not help the Internal Revenue Service catch tax evaders, a Swiss official says. Swiss Vice President Doris Leuthard said under the amended treaty, the United States will have to supply the names of suspected tax evaders to obtain information about their Swiss bank accounts, The Washington Post reported Wednesday. This is basic, basic information they will need to give us, Leuthard said. But U.S. authorities don't necessarily have the names, the Post...

2009-05-01 06:39:59

Swiss financial giant UBS, defending itself in a tax-evasion investigation, refused an IRS request to provide names of U.S. customers holding offshore accounts. In rejecting the request, UBS officials told a U.S. federal court Thursday the matter should be handled in negotiations between the two countries, the Financial Times reported. UBS submitted its respose to a legal demand by the Internal Revenue Service to reveal up to 52,000 accounts as part of the Obama administration's efforts to...

2009-03-27 10:08:20

Swiss Bankers Association Chairman Pierre Mirabaud called international efforts to rein in tax evaders with foreign accounts an economic war. We have been very successful and we are making many of our competitors jealous. So this is an angle to attack, an economic war to gain market share, Mirabaud told The Washington Times. Swiss banks handle the largest share of offshore accounts, amounting to $2.42 trillion, or 27 percent of the global market, the Times said. The Swiss government said...

2009-03-14 15:24:16

Switzerland is bowing to international pressure, agreeing to end its policy of allowing secretive banking, officials said. The Times of London reported Saturday that the move means Switzerland will join Liechtenstein, Luxembourg and Andorra, which also agreed this week to share limited information on their accounts on request from foreign governments. The newspaper said Zurich's decision to end its 300 years of banking secrecy precedes the G20 meeting, where British Prime Minister Gordon...

2009-03-13 12:30:09

Switzerland said Friday it would alter its international banking policies to align itself with the Organization for Economic Cooperation and Development. Although Swiss Finance Minister Hans-Rudolf Merz said Switzerland was not laying to rest Swiss banking secrecy, the government, he said, was ready to begin negotiations on revising double taxation agreements. While the move faces internal opposition in Switzerland, the country faced international pressure and possible sanctions for its...

2009-03-03 10:04:00

BERN, Switzerland, March 3 /PRNewswire/ -- Switzerland is synonymous with discreet banking but 75 years after Swiss banking secrecy was enshrined in law, the practice is under massive international pressure. Banking secrecy obliges banks to keep information about their clients confidential, except in cases of criminal investigation. But what happens when a crime in one country is not recognised as such in Switzerland, as is the case with tax evasion? swissinfo documents this...

2005-06-30 15:39:56

WASHINGTON (Reuters) - U.S. banking regulators on Thursdayissued a long-awaited set of unified standards for bankexaminers evaluating financial institutions' compliance withthe Bank Secrecy Act, an anti-money laundering law. The 330-page manual does not set new rules or offer newguidance, according to the Federal Financial InstitutionsExamination Council, a group of financial regulatory agencies. Instead, the compilation of existing guidance on a varietyof BSA-related topics, including...


Word of the Day
snash
  • To talk saucily.
  • Insolent, opprobrious language; impertinent abuse.
This word is Scots in origin and probably imitative.